Odaily Planet Daily News The Central Bank of Uzbekistan allows foreign companies to open local bank accounts and deposit funds obtained from cryptocurrency trading. These companies can also transfer funds abroad, but their use in the country will be restricted. The Central Bank of Uzbekistan has passed amendments to the foreign exchange transaction regulations involving non-resident legal entities, including those using cryptocurrencies. These entities are now allowed to open accounts in local banks, but the options for operating with funds from cryptocurrency transactions are very limited. Under the new regulations, money transferred from foreign accounts of companies involved in crypto trading or funds obtained from the sale of crypto assets can be deposited into foreign currency accounts in Uzbekistan. These funds can then be transferred to exchanges to buy digital currencies again; they can also be transferred to the accounts of foreign-registered entities in the jurisdiction where the funds originally came from. However, Uzbekistan prohibits the use of these funds for other purposes. These changes came into effect on February 9, 2023. Prior to this, foreign non-resident companies were not allowed to open accounts in banks in Uzbekistan, except for a few exceptions provided for by law. (Bitcoin.com) As previously reported, Uzbekistan's crypto industry regulator revealed at a press conference that licensed crypto companies have paid 3.5 billion Uzbek som (more than $310,000) during 2022. There are currently five crypto platforms authorized to operate legally in the country, the state-controlled exchange Uznex and four smaller exchanges, Crypto Trade NET, Crypto Market, Crypto Express and Coinpay. In addition, under current laws, individuals and organizations related to cryptocurrency transactions operating in Uzbekistan are subject to taxes.